The development of the European single market and the internationalization of the financial markets means that financial regulations are increasingly set at European or international level. International cooperation and collaboration between supervisors have likewise gained in importance.
The FSMA is a member of the European Securities and Markets Authority (ESMA) and of the European Insurance and Occupational Pensions Authority (EIOPA). Each of these authorities contributes, in its own sector, to common supervisory standards and coherent supervisory practices. The FSMA is an active member of many working groups within ESMA and EIOPA tasked with preparing policy initiatives. This activity makes it possible to prepare Belgian supervision in a timely manner for new developments.
The FSMA takes part in the work of the European Systemic Risk Board (ESRB), which is chaired by the president of the European Central Bank. The ESRB is responsible for analyzing all risks that could threaten the financial stability of the European Union.
In addition, the FSMA is represented on the international bodies that coordinate supervision at a global level, such as the International Organization of Securities Commissions (IOSCO) and the International Organization of Pension Supervisors (IOPS). The FSMA is vice chair of the IOSCO Board and also chairs its Audit Committee and its European Regional Committee.
The FSMA also sits on a number of supervisory colleges that coordinate the supervision of companies and market infrastructures.